Reader Comments (4)

Gold is up $14 today to $1588 and the technical picture is beginning to brighten. The driver today is general dollar weakness.In what’s perhaps a counter-sentiment indicator both UBS and Deutsche Bank cut 2013 gold price forecasts today. DB lowered its forecast 12% to $1637 while UBS lowered its estimate to $1740 from $1900.

The US Dollar declined against all of its major counterparts after Federal Reserve Chairman Ben Bernanke said asset sales are expected happen “late” into the monetary policy tightening process. The central bank chief added that the Fed preferred to use the interest rate on excess reserves (IOER) as its principal tool for unwinding stimulus when the time to do so is at hand.

DB, Don't you think that the dollar will continue to weaken as major blocks on the planet start trading and purchasing in other currencies than ours? Russia and China and wasn't there a recent article about Australia and China trading in something other than the dollar.